Bit Digital Announces Strategic Executive Leadership Realignment, Advisory Board and Strategic Priorities for 2023

[ad_1] <div> NEW YORK, March 22, 2023 /PRNewswire/ -- Bit Digital, Inc. (Nasdaq: <a target="_blank" class="ticket-symbol" data-toggle="modal" href="#financial-modal" rel="noopener">BTBT</a>) ("Bit Digital" or the "Firm"), a digital asset mining firm headquartered in New York, in the present day introduced a strategic realignment of its government management group. The transfer is anticipated to finest place management roles with respect to the Firm's present enterprise prospects and development aims. The Firm moreover introduced its Advisory Board and outlined strategic priorities for 2023. Management Realignment Efficient March 31, 2023, Bryan Bullett, the Firm's Chief Government Officer, will conclude his time period as CEO. Mr. Bullett will assume the function Senior Advisor, wherein he'll lead strategic development initiatives for the Firm. Sam Tabar, the Firm's Chief Technique Officer, might be appointed CEO. Mr. Bullett commented, "As Senior Advisor, I look ahead to focusing my efforts on strategic initiatives to additional Bit Digital's enlargement into extra, non-correlated earnings streams, in addition to assist facilitate the transition. In my previous two years as CEO, the Firm underwent profound constructive shifts – exiting China in 2021; establishing an institutional U.S. platform; attaining 85% carbon-free vitality; getting into Ethereum staking; and alongside the way in which, demonstrating thought management and sound capital stewardship. I am happy to be passing onto Sam a pristine stability sheet, an modern and rising treasury administration portfolio, and most enjoyable, an increasing enterprise mannequin that, with ETH staking, we consider presents synergistic catalysts past conventional mining. Bit Digital is positioned to thrive as we transfer via and out of crypto winter, and I look ahead to persevering with working with Sam and the chief group." Mr. Tabar said, "I might like to precise our gratitude to Bryan Bullett for his management and his contributions which have laid a robust basis to construct upon. As incoming CEO, I look ahead to persevering with to work collectively in his new capability as Senior Advisor. Going ahead, Bit Digital will focus closely on delivering most shareholder worth. We'll do that by differentiating ourselves from friends by aggressively pursuing new traces of enterprise. What already differentiates us is our pristine stability sheet, unleveraged and sound mining enterprise, and thrilling new Ethereum enterprise that positions us to change into a proxy for the foundational blockchain of the 'sensible contract financial system'. There may be way more to come back, and I'm deeply excited for Bit Digital's future." Strategic Priorities For 2023 The Firm moreover introduced a non-comprehensive listing of strategic priorities for 2023. These priorities signify key focal factors for the Firm which Administration refers to by the acronym "BETSS": B - Steadiness Sheet E - Broaden into PoS T - Treasury Administration S - Strategic Capital Deployment S - Sustainability Such priorities are topic to vary based mostly on market situations and different components, and aren't essentially offered based mostly on precedence rating. <ol type="1"> <li>Keep a best-in-class stability sheet The Firm completed 2022 with $32.7 million in money, $27.7 million of digital belongings, zero debt, no miner buy obligations, and no materials capex commitments. These figures reveal Administration's conservative stability sheet strategy and dedication to prudent capital allocation – components which enabled the Firm to resist the macro headwinds of 2022. An undrawn $500 million at-the-market facility and circa 9 million shares on an fairness line of credit score present market entry as additional backup sources of liquidity, and the optionality to fund development. Administration intends to proceed its prudent strategy to the stability sheet via 2023 and past.</li> <li>Strategically deploy capitalWhereas effectively capitalized to pursue opportunistic development via cycle lows, such development might be thought of solely to the extent it doesn't jeopardize stability sheet well being. With that tenet, the Firm believes it has recognized sound alternatives to soundly allocate capital to create long-term worth, together with the next:</li> <ol type="i"> <li>Opportunistic credit score investments. The Firm believes that present situations favor suppliers of debt capital to the mining sector – to such an extent, that monetary investments are in some instances extra engaging than {hardware} investments. Many incumbent lenders have exited or filed chapter, leading to a severely constrained credit score provide. Underwriting and constructions are evolving to offer better margins of security each to lenders and debtors. Bit Digital has reviewed a number of alternatives to behave as secured lender to mining-related companies, and views this as a viable alternative, with an elevated risk-adjusted price of return and the chance to make the most of safe constructions. The Firm intends to proceed evaluating and opportunistically deploy capital within the type of debt and/or various credit score merchandise in mining-related alternatives, with an emphasis on secured lending towards onerous asset collateral, together with through strategic relationships with third events.</li> <li>Prudent miner fleet development. Whereas the secondary ASIC market stays depressed and oversupplied, with leveraged and distressed house owners compelled to liquidate, Bit Digital has so far taken a cautious strategy to miner procurement via the down cycle. We consider that any new purchases have to be underwritten cautiously and priced to resist the bitcoin halving. A key element of that is pairing purchases with steady and economical internet hosting. Pending these and different variables, the Firm targets doubling its working fleet, to roughly 2.6 EH/s, throughout 2023.</li> </ol> <li>Broaden into PoSIn 2022, Bit Digital introduced its intention to change into a validator on the Ethereum community, and to build up and stake Ether (ETH). As of December 31, 2022, the Firm held 10,820 ETH and ETH equivalents with a good worth of roughly $12.9 million, primarily acquired via programmatic conversions of BTC mining rewards. Roughly 2,164 ETH was actively staked, each in native and liquid protocols. The staked portfolio is presently producing an approximate 6% APY.Bit Digital's ongoing technique is to mine BTC, programmatically convert a portion to ETH, and subsequently stake to generate rewards that may then in flip compound or be redeployed into mining investments and different company makes use of. The Firm targets staking roughly half its complete digital asset place.Past this, Bit Digital is exploring incubating extra PoS associated companies, together with a three way partnership in Singapore to offer ETH staking-related expertise instruments. At the moment, the Firm has no plans to supply such options to U.S. particular person residents, nor to have interaction in any custodial actions comparable to "staking as a service" or "earn" packages, nor to supply any staking-related tokens or securities. Sooner or later, Bit Digital might take into account increasing its efforts into different main PoS protocols.</li> <li>Improve treasury administration optionsThroughout Q1 2023, the Firm accomplished a $2 million strategic funding into Auros World Restricted, a number one algorithmic buying and selling and market making agency centered on digital belongings. In July 2022, the Firm dedicated $2 million to the 9 Blocks Grasp Fund, a digital belongings market impartial fund utilizing foundation buying and selling, relative worth, and particular conditions methods, managed by 9 Blocks Capital Administration, an institutional grade digital belongings supervisor.Administration believes that by leveraging and rising its strategic relationships with companions together with Auros, 9 Blocks and doubtlessly others, it stands to activate safely structured options that will improve yield on treasury belongings and supply draw back safety.</li> <li>Proceed concentrate on sustainabilityETH has additionally helped advance the Firm's sustainability targets, on condition that Ethereum's transition to a proof-of-stake consensus mechanism lowered the community's vitality consumption by over 99%. On the PoW aspect, roughly 85% of our bitcoin mining fleet's run-rate electrical energy consumption was generated from carbon-free vitality sources as of December 31, 2022, based mostly on information offered by our hosts, publicly obtainable sources, and inside estimates. This represents marked progress from the 67% achieved as of December 31, 2021. The Firm continues to consider that the digital belongings trade's long-term success is contingent on sustainable enterprise practices and the prioritization of inexperienced vitality for development initiatives. Bit Digital stays centered on its aim of changing into completely carbon-free.</li> </ol> Advisory Board Moreover, the Firm introduced its reconstituted Advisory Board, which is able to comprise Mr. Bullett, Henri Arslanian and Charles d'Haussy. Every brings in depth expertise, specialised experience, and relationships to learn the Firm. Bios of Messrs. Arslanian and d'Haussy observe. Henri Arslanian, Co-Founder and Managing Director, 9 Blocks Capital Administration; former Companion, PwC Henri Arslanian is the co-founder and managing associate of 9 Blocks Capital Administration, an institutionally centered crypto hedge fund. Henri is the previous PwC Crypto Chief and Companion, the previous Chairman of the FinTech Affiliation of Hong Kong and an Adjunct Professor on the College of Hong Kong. A lawyer and banker by background, Henri has suggested most of the world's main crypto exchanges, traders, monetary establishments and tech companies on their crypto initiatives as effectively quite a few governments, regulators and central banks on crypto regulatory and coverage issues. Henri additionally sat on the Hong Kong regulator's SFC FinTech Advisory Board, the Hong Kong's central financial institution's HKIMR Council of Advisers and Dubai's DIFC Innovation Council. With over 500,000 LinkedIn followers and 50,000 publication subscribers, Henri is a TEDx and world keynote speaker and is recurrently featured in world media together with Bloomberg, CNBC, CNN, BBC, The Wall Avenue Journal, The Economist and the Monetary Occasions. Henri is the host of the Crypto Capsules academic social media collection and the creator of many best-selling books together with "The E-book of Crypto" (Palgrave, 2022) and "The Way forward for Finance" (Palgrave, 2019). Charles d'Haussy, CEO, dYdX Basis; former Managing Director, ConsenSys Charles d'Haussy is the CEO of dYdX Basis, an impartial not-for-profit basis headquartered in Zug, Switzerland supporting the dYdX protocol ecosystem. Mr. d'Haussy was previously World Head of Enterprise Growth at ConsenSys, a number one blockchain engineering firm. Amongst his obligations, he led ConsenSys' initiatives on central-bank digital currencies with HKMA, BOT, PBOC, CBUAE & BOK. Previous to this, Charles served as head of fintech with the Hong Kong authorities (InvestHK). In that capability he helped discovered and scale Hong Kong Fintech Week, and supported the expansion of over 450 fintech firms. He has 15 years of prior expertise in Hong Kong's non-public sector and is licensed to speculate and deal in securities. In 2018, Charles was elected as a High-50 fintech influencer in Asia. In 2021 he printed Block Kong, a ebook about Blockchain leaders shaping the Hong Kong blockchain ecosystem. He studied in France at Rennes Worldwide Enterprise College and in Guangzhou, China at Solar Yat Sen College. He's a licensed Bitcoin skilled and studied blockchain enterprise technique at Be9 London. About Bit Digital Bit Digital, Inc. is a digital asset mining firm headquartered in New York Metropolis. Our mining operations are situated in North America. For extra info, please contact <a target="_blank" href="http://www.prnewswire.com/cdn-cgi/l/email-protection#c6afb486a4afb2eba2afa1afb2a7aae8a5a9ab244669a9b4" rel="nofollow noopener">[email protected] or</a> go to our web site at www.bit-digital.com. Investor Discover Investing in our securities includes a excessive diploma of danger. Earlier than investing resolution, you must fastidiously take into account the dangers, uncertainties and forward-looking statements described below "Danger Elements" in Merchandise 3.D of our most up-to-date Annual Report on Type 20-F for the fiscal 12 months ended December 31, 2021. If any materials danger was to happen, our enterprise, monetary situation or outcomes of operations would probably endure. In that occasion, the worth of our securities might decline and you can lose half or all your funding. The dangers and uncertainties we describe aren't the one ones dealing with us. Further dangers not presently identified to us or that we presently deem immaterial might also impair our enterprise operations. As well as, our previous monetary efficiency is probably not a dependable indicator of future efficiency, and historic tendencies shouldn't be used to anticipate outcomes sooner or later. Future modifications within the network-wide mining issue price or bitcoin hash price might also materially have an effect on the long run efficiency of Bit Digital's manufacturing of bitcoin. Precise working outcomes will fluctuate relying on many components together with community issue price, complete hash price of the community, the operations of our amenities, the standing of our miners, and different components. See "Secure Harbor Assertion" under. Secure Harbor Assertion This press launch might comprise sure "forward-looking statements" referring to the enterprise of Bit Digital, Inc., and its subsidiary firms. All statements, aside from statements of historic reality included herein are "forward-looking statements." These forward-looking statements are sometimes recognized by way of forward-looking terminology comparable to "believes," "expects," or related expressions, involving identified and unknown dangers and uncertainties. Though the Firm believes that the expectations mirrored in these forward-looking statements are cheap, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. Traders shouldn't place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm's precise outcomes might differ materially from these anticipated in these forward-looking statements because of quite a lot of components, together with these mentioned within the Firm's periodic studies which are filed with the Securities and Change Fee and obtainable on its web site at <a target="_blank" href="http://www.sec.gov" rel="nofollow noopener">http://www.sec.gov</a>. All forward-looking statements attributable to the Firm or individuals performing on its behalf are expressly certified of their entirety by these components. Aside from as required below the securities legal guidelines, the Firm doesn't assume an obligation to replace these forward-looking statements. 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